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Chart Signals - Japan stocks and Yen pairs in focus

Chart Signals - Japan stocks and Yen pairs in focus

Today’s Bank of Japan decision could attract significant attention to JPY pairs today. Anticipation of Wednesday’s FOMC meeting is also having an influence, boosting USD relative to  JPY which has helped to support a rally in the Japan 225 today.

Asia Pacific Indices

Australia 200 has levelled off near 5,185 pausing to digest recent gains and work off an overbought RSI. Higher lows indicate its underlying uptrend remains intact. Support moves up toward 5,175 from 5,145 with next resistance near 5,255.

Japan 225 is breaking out today, clearing 17,125 a Fibonacci level and rallying toward 17,310 with support rising toward 17,250.  RSI above 50 and rising confirms upward momentum increasing with next potential resistance near 17,430 then 17,520.

Hong Kong 50 is breaking out again, clearing 20,300 to kick off a new rally phase within a step accumulation pattern. Support rises toward 20.380 with next resistance near 20,440 then 20,555 then 20,700 both Fibonacci levels. Rising RSI confirms upward momentum increasing.

India 50 is trading near 7,500 and a 7,515 Fibonacci level as it tries to firm up out of a base with next resistance possible near 7,600. RSI indicates uptrend momentum intact.


North American and European Indices

US 30 continues to climb holding above its 200-day average near 17,125 then clearing 17,195 a Fibonacci level and advancing on 17,250 with next resistance near 17,300. Support rises toward 17,225. Rising RSI indicates underlying uptrend remains intact.

US NDAQ 100 has encountered resistance near 4,360 and has levelled off near 4,346 a Fibonacci level. Underlying momentum remains upward through this pause. Next support near 4,300 with next resistance at the 200-day average near 4,420.

US SPX 500 is holding above its 200-day average and a Fibonacci retracement level near 2,015, confirming last week’s breakout over 2,000 while working off a slightly overbought RSI. It has advanced toward 2,022 with next potential resistance near 2,028 then 2,034.

Germany 30 continues to advance, rallying up off of 9,890 a Fibonacci level that has flipped from resistance to support and taking a run at 10,050 before slipping back toward the 10,000 round number where support has come in. Rising RSI indicates underlying upward momentum increasing.

UK 100 is rising within a 6,030 to 6,230 sideways trading range trading near 6,180. Next potential resistance on a breakout appears near 6,275 the 200-day average or 6,300 a previous high.


Gold failed to hold above $1,250 and has continued Friday’s tumble down from $1,285 dropping to retest $1,235 the apex of the symmetrical triangle it broke out of recently. RSI increasingly falling away from 70 indicates upward momentum weakening and momentum downshifting.

Crude Oil WTI has paused in the $35.00 to $38.00 range to work off an overbought RSI. A retest of $35.75 Fibonacci support held, keeping its underlying uptrend intact for now with more support possible near $35.00.


US Dollar Index found some support near 96.00 and bounced back up toward 96.50 with next resistance possible near 96.75 then 97.00 a previous support level.

EURUSD has dropped back under $1.1111 a round number and Fibonacci level falling toward $1.1080 with next potential support near $1.1045 near the 200-day average then $1.1000. RSI falling toward 50 confirms upward momentum fading.

EURGBP has dropped back under 0.7785 and appears to be falling toward a potential test of the 0.7680 to 0.7700 area where a Fibonacci cluster, the 50-day average and the neckline of a head an shoulders top all congregate. RSI testing 50 suggests a downturn in momentum pending.

NZDUSD has dropped back from $0.6765 resistance toward $0.6660 but remains in an uptrend above its 50 and 200-day averages near $0.6625. RSI nearing 50 suggests a downturn pending with next support near $0.6560 a previous breakout point.

AUDUSD appears to be running into some resistance near $0.7600 and has slumped back to test the $0.7500 round number. So far this appears to be a normal correction within an uptrend working off an overbought RSI.

USDCNH remains in a downtrend, testing Fibonacci support near 6.4795 a 62% retracement of its previous uptrend. Resistance falls toward the 6.5000 round number with next downside support near 6.4520 a former resistance level.

USDJPY is sitting on 113.80 near a Fibonacci cluster trading in a 112.25 to 114.50 channel. RSI nearing 50 from below suggests downward pressure easing and trend shifting to sideways with an upturn pending.

EURJPY has encountered resistance at its 50-day average near 127.25 but remains in an uptrend so far with support coming in near 126.20 with more possible near 125.00. Next upside resistance on a breakout possible near 128.00.

CADJPY has resumed its uptrend, rising up off 85.00 and bumping up against 86.20 Fibonacci resistance with its next upside test possible near 87.00. RSI above 50 and rising indicates upward momentum still growing.

USDSGD keeps trending lower  after breaking and retesting $1.3880 falling toward $1,3755 with next potential support near $1.3600 while resistance drops toward $1.3775. Oversold RSI suggests a pause or bounce possible in the near term.

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